Home Sri Lanka Ceylon Petroleum Corporation reports 75% drop in net profit
Sri Lanka

Ceylon Petroleum Corporation reports 75% drop in net profit

Share
Share

The Ceylon Petroleum Corporation (CPC) has reported a sharp 75% decline in net profit for the first ten months of 2024, according to a report presented to Parliament.

The CPC’s net profit for the period plummeted to Rs. 25.1 billion, a drastic fall from Rs. 106.7 billion during the same period in 2023.

The report highlights that while the CPC’s financial costs were reduced to Rs. 1.1 billion in the first ten months of last year, the main factor behind the profit drop was a substantial decrease in sales revenue.

Despite this setback, the corporation continued to fulfill its fiscal duties, contributing Rs. 10 billion in levies to the Consolidated Fund during the same period.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Sri Lanka

Deshabandu’s wife and son unaware of his location

The Criminal Investigation Department (CID) has recorded statements from the wife and...

Sri Lanka

40% of catch from multi-day fishing vessels found to be of inferior quality

The Department of Fisheries and Aquatic Resources has reported that 40% of...

Sri Lanka

Postal trade unions prepare to strike   

The Postal and Telecommunications Officers’ Association and the Joint Postal Trade Union...

Sri Lanka

170 medicines varieties in short-supply – Health Ministry

The Medical Supplies Division of the Ministry of Health said that around...